Tuesday, April 29, 2008

Deerfield Real Estate Market April 23-28

Single Family Homes

New Listings
908 HOLMES AVE 3 Beds 1.1 Baths $356,499
1044 Wayne AVE 4 Beds 2.1 Baths $525,000
325 Earls CT 4 Beds 2.1 Baths $629,000
840 Warwick RD 4 Beds 2.1 Baths $657,500
635 AMBLESIDE DR 5 Beds 3.1 Baths $689,000
601 Carlisle AVE 5 Beds 3.1 Baths $739,900
641 AMBLESIDE DR 5 Beds 4.3 Baths $1,549,000
417 Hermitage DR 5 Beds 4.3 Baths $1,649,000

Under Contract
1121 CENTRAL AVE 3 Beds 1.1 Bath $395,000
1008 CASTLEWOOD LN 4 Beds 2 Bath $485,000
1154 Stratford 5 Beds 3.1 Bath $659,000
1440 Country LN 5 Beds 3.1 Bath $799,000

Price Changes
437 Longfellow AVE 2 Beds 1 Baths $305,000 To $295,000
425 Willow AVE 3 Beds 2 Baths $359,900 To $339,900
806 Appletree LN 3 Beds 1.1 Baths $383,900 To $375,000
1045 Oakley AVE 3 Beds 2 Baths $398,000 To $375,000
814 Spruce ST 4 Beds 2.1 Baths $479,000 To $449,900
784 Fox Hunt TRL 3 Beds 2 Baths $549,000 To $529,000
715 Byron CT 4 Beds 2.1 Baths $749,900 To $699,000
310 Oakmont 4 Beds 2.1 Baths $810,000 To $779,000
1513 DARTMOUTH LN 5 Beds 4 Baths $795,000 To $779,000
1152 PRAIRIE AVE 4 Beds 3.1 Baths $842,000 To $829,000
1032 Warrington 4 Beds 3.1 Baths $1,195,000 To $1,095,000
932 Castlewood LN 4 Beds 3.1 Baths $1,199,000 To $1,119,000
195 River ST 5 Beds 4.1 Baths $1,450,000 To $1,300,000
1327 Somerset ST 5 Beds 4.1 Baths $1,450,000 To $1,375,000
1340 Stratford RD 5 Beds 4.1 Baths $1,565,000 To $1,475,000
1232 Wincanton DR 4 Beds 4.1 Baths $1,220,000 To $1,210,000


Attached Homes

New Listings
1171 Deerfield RD 2 Bed 1.1 Bath $229,000
405 SWALLOW LN 3 Bed 2.1 Bath $274,900
433 N SWAN BLVD 3 Bed 2.1 Bath $287,000
439 Swan BLVD 3 Bed 2.1 Bath $299,000

Under Contract
940 IVY LN C 3 Bed 2 Bath $325,000
699 MALLARD LN 4 Bed 2.1 Bath $356,900

Price Changes
441 Elm 3B 2 Bed 2.1 Bath $199,900 To $196,900
738 GROUSE CT 2 Bed 2.1 Bath $275,000 To $250,000
1161 Waukegan RD 2 Bed 1.1 Bath $309,000 To $299,900
419 MALLARD DR 4 Bed 2.1 Bath $324,900 To $319,000

Eric P. Egeland
RE/MAX United
847.337.7090
DeerfieldsAgent.com

Rising Interest Rates

Efficient markets are synonymous with confidence and liquidity – the result of investors' appetite to underwrite risk and savers' appetite to provide leverage to investors who want to underwrite risk. As risk appetite increases, liquidity follows, producing an increase in overall confidence.

Perhaps higher interest rates could increase both liquidity and confidence. Higher rates would strengthen the U.S. dollar – which has been in a free fall the past two years – and, therefore, strengthen foreign confidence in the U.S. economy. Walter Bagehot, a 19th century British economist, noted as much 140 years ago when he called a seizing of internal markets "a domestic drain” and the flight of capital abroad "an external drain." Bagehot argued that raising interest rates restores foreign confidence and makes domestic banks more willing to lend.

But would higher rates further ravish the housing market? Interest rates exert influence on home prices, to be sure, but the relationship is surprisingly tenuous. In 1980, the prime 30-year fix-rate mortgage averaged 13.7%, rising to 16.1% in 1982. Home prices during that period tumbled over 20%. From 1984 through the present, mortgage rates have steadily trended lower, but in 1989 the housing market endured a major 15% correction. Of course, it's enduring another correction today on relatively low rates.

At this stage in the game, more willing lenders are more important to reviving the housing market than marginally lower interest rates. After all, what good is cheap money if no one is willing to lend it?

Eric P. Egeland
RE/MAX United
847.337.7090
DeerfieldsAgent.com

Wednesday, April 23, 2008

Deerfield Real Estate April 16-22

Single Family Homes

New Listings
458 LONGFELLOW AVE 3 Bed 2 Bath $369,000
1232 Wincanton DR 3 Bed 2.1 Bath $475,000
464 Elm ST 3 Bed 3 Bath $625,000
405 Willow AVE 4 Bed 4 Bath $724,900
930 NORTHWOODS DR 4 Bed 2.1 Bath $825,000
855 BROOKSIDE LN 4 Bed 4.1 Bath $1,089,999
423 LOCUST PL 4 Bed 4 Bath $1,199,999
1255 Montgomery DR 4 Bed 4.1 Bath $1,299,000
925 Kenton RD 5 Bed 5.1 Bath $1,299,000

Under Contract
20901 Catalpa ST 3 Bed 2 Bath $359,900
1128 Prairie AVE 3 Bed 4.1 Bath $797,900
46 E ST ANDREWS LN 5 Bed 3.1 Bath $799,000

Price Reductions
1221 DEERFIELD RD 3 Bed 1.1 Bath Reduced From $370,000 To $358,000
946 Clay CT 3 Bed 1.1 Bath Reduced From $469,900 To $449,000
232 Willow AVE 4 Bed 2.1 Bath Reduced From $479,900 To $459,900
1170 HALF DAY RD 4 Bed 3 Bath Reduced From $549,900 To $499,000
745 Carlisle AVE 3 Bed 2.1 Bath Reduced From $519,000 To $499,000
1442 Hackberry RD 4 Bed 2.1 Bath Reduced From $519,000 To $499,000
920 Summit DR 4 Bed 2.1 Bath Reduced From $769,000 To $759,000

Closed
1363 Woodland DR 5 Bed 5.2 Bath $1,949,000 closed for $1,825,000


Attached Homes


New Listings
158 Inverrary LN 158 2 Bed 1.1 Bath $195,000
442 KELBURN RD 226 2 Bed 2 Bath $269,900

Under Contract
742 GROUSE CT 0 3 Bed 2.1 Bath $234,900
347 Milford RD 347 3 Bed 2.1 Bath $498,900

Price Changes
425 SWALLOW LN 425 3 Bed 2.1 Bath Reduced from $299,500 to $275,000
402 KELBURN RD 325 2 Bed 2 Bath Reduced from $285,500 to $278,000

Eric P. Egeland
RE/MAX Advanced
847.337.7090
DeerfieldsAgent.com

Monday, April 21, 2008

Weekly Mortgage Recap

The cup overflowed with an assortment of economic data last week. Of most interest to mortgage watchers were the disappointing data on inflation. The producer price index for finished goods rose 1.1% in March, after a 0.3% increase in February, while the core index, which excludes food and energy, climbed 0.2% after rising 0.5% in February and 0.4% during January.

The data were equally disconcerting on the consumer end, where prices rose 0.3%, exceeding most economists' expectations. Stripping out volatile food and energy costs, the core consumer price index gained 0.2%. Inflation pressures are being stoked by rocketing crude oil prices, which broached $115-a-barrel last week, and increased food costs as commodity prices around the world continue to soar.

Surprisingly, the mortgage market's reaction to the inflation threat was upbeat, which suggests inflation may not be as onerous as the PPI and CPI numbers would imply. The benchmark 30-year fixed-rate mortgage rose only seven basis points to 6.03%, the 15-year fixed-rate mortgage rose nine basis points to 5.65%, and the 5/1 adjustable-rate mortgage actually fell 10 basis points to 5.85%, according to the Bankrate.com national survey.

Housing starts fell to a 17-year low in March – a decline that exceeded the consensus estimate twice over. However, given the current overhang in housing inventory, it's far better for housing starts to be low than high. Suppliers must reduce inventory to return some semblance of order to the market, and housing starts suggest that's occurring.

A glass-half-full spin could also be applied to the news that Freddie Mac is planning on buying $10 billion to $15 billion in jumbo mortgages in an effort to counterbalance the upper-end housing market. Freddie Mac used to be restricted from buying jumbo loans – mortgages above $417,000. Thanks to Congress, the new limit now exceeds $729,000 in many areas. Freddie Mac's move to purchase larger loans will grant home buyers cheaper rates than they would have otherwise received.

Eric P. Egeland
RE/MAX Advanced
847-337-7090
DeerfieldsAgent.com

Wednesday, April 16, 2008

Deerfield Real Estate April 12-15th

Single Family Homes

New Listings
419 Birchwood AVE 3 Bed 2 Bath $533,000
1057 Linden AVE 4 Bed 3.1 Bath $869,000
1345 Linden AVE 4 Bed 5.2 Bath $2,100,000

Under Contract
20882 N ASH ST 4 Bed 2 Bath $300,000
429 Indian Hill RD 3 Bed 2 Bath $439,000
821 WOODWARD AVE 5 Bed 3 Bath $459,900
1118 Gordon TER 4 Bed 2.1 Bath $649,900

Price Changes
1308 Somerset AVE 2 Bed 1.1 Bath $375,000 $349,900
720 Jonquil TER 3 Bed 2 Bath $389,000 $369,000
1315 Greenwood AVE 3 Bed 2.1 Bath $439,000 $408,000
420 Elm ST 4 Bed 2.1 Bath $610,000 $590,000
680 Wilmot RD 4 Bed 2.1 Bath $649,900 $599,900
61 ELLENDALE DR 5 Bed 3.1 Bath $679,000 $649,000
116 Plumtree RD 4 Bed 2.1 Bath $689,600 $679,000
1020 Summit DR 4 Bed 2.1 Bath $734,900 $699,900
1436 DEERFIELD RD 5 Bed 4 Bath $779,000 $725,000
1130 OSTERMAN AVE 4 Bed 4.1 Bath $884,999 $785,000
1513 DARTMOUTH LN 5 Bed 4 Bath $798,000 $795,000
1530 Crabtree LN 5 Bed 5.1 Bath $1,899,900 $1,840,000
1415 Wilmot RD 6 Bed 6.1 Bath $2,895,000 $3,295,000

Closed
1111 PARK AVE 4 Bed 2.1 Bath $495,000 closed for $450,000


Attached Homes


New Listings
423 ELM ST 5C 2 Bed 1.1 Bath $189,000
1434 Inverrary LN 2 1 Bath $189,900
433 WREN LN 2 Bed 2.1 Bath $260,000
1162 OSTERMAN AVE 3 Bed 2 Bath $274,900

Under Contract
844 SWALLOW ST 3 Bed 3.1 Bath $299,900

Price Changes
411 Kelburn RD 221 1 Bed 1 Bath $215,000 $205,000

Closed
546 INVERRARY LN 2 Bed 1.1 Bath $199,900 closed for $192,500


Eric P. Egeland
RE/MAX Advanced
847.337.7090
DeerfieldsAgent.com

Sunday, April 13, 2008

Deerfield IL Realty April 7th-11th

Single Family Homes

New Listings

813 JUNEWAY AVE 4 Bed 2 Bath $254,900
437 Longfellow AVE 2 Bed 1 Bath $305,000
1106 Davis 3 Bed 1 Bath $329,000
551 LONGFELLOW AVE 3 Bed 2 Bath $329,900
506 Longfellow AVE 3 Bed 2 Bath $388,000
719 PINE ST 3 Bed 2 Bath $389,900
925 CASTLEWOOD LN 4 Bed 2.1 Bath $518,900
701 WESTGATE RD 3 Bed 2.1 Bath $589,000
1154 Stratford 5 Bed 3.1 Bath $659,000
61 ELLENDALE DR 5 Bed 3.1 Bath $679,000
1040 Heather RD 4 Bed 3.1 Bath $729,000
170 CRESTVIEW DR 5 Bed 3.1 Bath $769,000
1440 Country LN 5 Bed 3.1 Bath $799,000
312 Birchwood AVE 4 Bed 4.1 Bath $999,000
1116 Kenton RD 4 Bed 5.1 Bath $1,399,000


Under Contract
1333 Elmwood AVE 4 Bed 3 Bath $575,000
156 W St. Andrews LN 5 Bed 3.1 Bath $859,000


Price Changes
857 JUNIPER CT Deerfield 2 Bed 2 Bath $398,000 to $364,500
720 Jonquil TER Deerfield 3 Bed 2 Bath $389,000 to $369,000
201 FORESTWAY DR Deerfield 4 Bed 2.1 Bath $489,900 to $474,900
1142 Laurel AVE Deerfield 4 Bed 2.1 Bath $499,000 to $475,000
413 Locust PL Deerfield 4 Bed 2.1 Bath $475,000 to $475,000
1130 RAGO AVE Deerfield 3 Bed 2 Bath $499,000 to $479,000
1150 WALDEN LN Deerfield 4 Bed 3 Bath $599,000 to $575,000
962 CENTRAL AVE Deerfield 5 Bed 3.1 Bath $989,000 to $959,000
1064 GREENTREE AVE Deerfield 5 Bed 5 Bath $1,198,500 to $1,149,000
641 AMBLESIDE DRIVE Deerfield 5 Bed 4.3 Bath $1,599,000 to $1,549,000
417 Hermitage DR Deerfield 5 Bed 4.3 Bath $1,699,000 to $1,649,000
1530 Crabtree LN Deerfield 5 Bed 5.1 Bath $1,899,900 to $1,840,000
1232 Wincanton DR Deerfield 4 Bed 4.1 Bath $1,240,000 to $1,230,000


Closings
965 BROOKSIDE LN 3 Bed 2 Bath listed for $425,000 closed for $405,000
1200 Kenton RD 3 Bed 2.1 Bath listed for $479,000 closed for $440,000
433 Woodvale AVE 3 Bed 2 Bath listed for $499,000 closed for $470,000
30 ELLENDALE RD 4 Bed 2.1 Bath listed for $649,000 closed for $607,500
16 W ST ANDREWS LN 4 Bed 2.1 Bath listed for $869,900 closed for $860,000
52 Buckingham CT 5 Bed 4.1 Bath listed for $998,000 closed for $936,000
1325 Stratford RD 4 Bed 4.1 Bath listed for $1,279,900 closed for $1,237,000


Attached

New Listings
1032 INVERRARY LN 1032 2 Bed 1 Bath $169,000
423 ELM ST 5C 2 Bed 1.1 Bath $189,000
854 INVERrARY LN B 2 Bed 1.1 Bath $212,000
351 KELBURN RD 212 2 Bed 2 Bath $249,000
378 GOSHAWK LN 378 2 Bed 2.1 Bath $259,000

Price Changes
714 Inverrary LN 2 Bed 1.1 Bath $174,000 to $169,000
742 GROUSE CT 3 Bed 2.1 Bath $249,900 to $234,900

Closings
546 INVERRARY LN 0 2 Bed 1.1 Bath listed for $199,900 closed for $192,500
619 MARTIN LN 619 3 Bed 2.1 Bath listed for $279,900 closed for $273,000

Eric P. Egeland
RE/MAX Advanced (Deerfield)
847.337.7090
DeerfieldsAgent.com

Monday, April 7, 2008

Deerfield Realty April 3rd-6th

Single Family Homes

New Listings
1063 N FOREST AVE 6 4 $446,500
701 WESTGATE RD 3 3 $597,900
125 Greenbriar DR 4 2.1 $647,900
1390 CAROL LN 5 3.1 $724,900
622 Appletree CT 4 3.1 $999,000
1527 STRATFORD RD 4 3.1 $999,000
1155 North AVE 5 3.2 $1,275,000
1541 Hawthorne 5 6.5 $1,699,000

Under Contract
235 Oakmont DR 5 Bed 3.1 Bath $699,000

Price Changes
821 WOODWARD AVE 5 Bed 3 Bath Reduced from $484,900 to $459,900
819 HOLMES ST 4 Bed 2.1 Bath Reduced from $499,000 to $469,000
1639 VILLAGE GREEN CT 4 Bed 2.1 Bath Reduced from $549,000 to $539,000
1232 Wincanton DR 4 Bed 4.1 Bath Reduced from $1,250,000 to $1,240,000



Attached Homes

New Listings
731 CENTRAL AVE 2 Bed 2.1 Bath $649,900

Price Reductions
742 Inverrary Unit# 742 2 1 Reduced from $149,900 to $144,900
402 Kelburn ST Unit# 222 2 2 Reduced from $259,500 to $249,500
419 MALLARD DR Unit# 0 4 2.1 Reduced from $339,900 to $329,900
347 Milford RD Unit# 347 3 2.1 Reduced from $499,000 to $498,900


Eric P. Egeland
RE/MAX ADVANCED (Deerfield)
847.337.7090
DeerfieldsAgent.com

Sunday, April 6, 2008

Weekly Mortgage Recap

Recession or no recession? That was last week's $64,000 question, and it appears we are listing toward the former. Federal Reserve Chairman Ben Bernanke acknowledged as much, stating that “it now appears likely that real gross domestic product (GDP) will not grow much, if at all, over the first half of 2008 and could even contract slightly.”


Friday's labor report added gravitas to the Fed chairman's sentiments. Government figures showed the economy lost jobs for a third straight month in March, pushing unemployment up to 5.1%. The elimination of 80,000 jobs was the most since March 2003, when the labor market was still struggling to recover from the 2001 recession. Some professional soothsayers are now portending a 5.5% unemployment rate by year's end (of course, many of these soothsayers are no more accurate than a random coin flip).

Meanwhile, Fannie Mae – the quasi-government agency that buys and securitizes mortgages – continues to up the ante, setting new rules on what mortgages it will buy. On that front, Fannie Mae will no longer purchase loans made to borrowers with credit scores below 580, nor will it purchase loans that have been more than 60 days past due within the year.


Fannie Mae is also correlating fees to credit scores. (It already correlates interest rates to them.) The good news is that fees will drop for borrowers with credit scores of 720 and above. The bad news is that fees double to 1.5% of the loan amount for borrowers with credit scores between 660 and 680. For borrowers with credit scores below 660, fees are even higher.


Higher fees, interest rates, and a non-existent subprime market are making FHA-insured loans a viable alternative for many borrowers with marginal credit. Yes, there is an upfront fee of 1.5% of the loan amount, which can be rolled into the mortgage, and there's a monthly fee too, but FHA doesn't charge a higher premium to borrowers with low credit scores.

Eric P. Egeland
RE/MAX Advanced (Deerfield)
847.337.7090
DeerfieldsAgent.com

Thursday, April 3, 2008

Deerfield Realty March 31st-April 2nd

Single Family Homes

New Listings
909 Holmes AVE 3 Bed 1 Bath $364,500
1055 Forest 4 Bed 2 Bath $479,000
905 Warrington RD 3 Bed 1.1 Bath $499,000
745 Carlisle AVE 3 Bed 2.1 Bath $519,000
1335 Carlisle PL 3 Bed 2 Bath $535,000
1239 Kenton RD 4 Bed 3.1 Bath $689,000
1436 DEERFIELD RD 5 Bed 4 Bath $799,000
310 Oakmont 4 Bed 2.1 Bath $810,000
1441 Country LN 5 Bed 3 Bath $837,000
156 W St. Andrews LN 5 Bed 3.1 Bath $859,000
885 North AVE 5 Bed 3.1 Bath $999,000

Under Contract
1407 Bayberry LN 4 Bed 2.1 Bath $497,500
909 WESTCLIFF AVE 4 Bed 4.3 Bath $1,499,000

Price Changes
1134 CHESTNUT ST 3 Bed 1 Bath $389,000 to $375,000
4 Pine ST 5 Bed 2.1 Bath $515,000 to $499,000
1333 Elmwood AVE 4 Bed 3 Bath $624,750 to $575,000
150 Birchwood AVE 4 Bed 3.1 Bath $599,000 to $589,000
914 BEVERLY PL 3 Bed 3 Bath $695,000 to $669,000
142 Burr Oak CT 5 Bed 2.1 Bath $789,000 to $769,000
1478 Berkley CT 5 Bed 5.1 Bath $1,299,000 to $1,250,000

Closed
639 Wilmot RD 5 Bed 4.1 Bath Listed for $1,050,000 Sold For $950,000
1524 Crabtree LN 5 Bed 5.1 Bath Listed for $1,495,000 Sold For $1,390,000
927 WESTCLIFF LN 5 Bed 5.1 Bath Listed for $1,900,000 Sold For $1,750,000


Attached Homes

New Listings
738 grouse CT 2 Bed 2.1 Bath $275,000
401 Kelburn 2 Bed 2 Bath $318,000

Price Change
714 Inverrary LN 2 Bed 1.1 Bath $179,000 to $174,000

Closed
418 GROUSE 418 Deerfield 3 Bed 2.1 Bath Listed for $299,000 Sold for $279,000
620 MARTIN LN 0 Deerfield 3 Bed 2.1 Bath Listed for $348,000 Sold for $320,000

Eric P. Egeland
RE/MAX Advanced (Deerfield)
847.337.7090
DeerfieldsAgent.com